NEW BRUNSWICK, N.J. — Marcus & Millichap has brokered the $1.5 million sale of a 20-unit apartment property located in New Brunswick. Located on Quentin Avenue, the facility features 14,000 rentable square feet with 13 one-bedroom apartments and seven studio apartments. The property also offers onsite parking. Maz Radwan of Marcus & Millichap’s New Jersey office, marketed the exclusive listing on behalf of the seller, a local investor, and he procured the buyer, also a local investor.
WALTHAM, MASS. — National Grid has held the grand opening of its New England corporate office, located within Reservoir Woods East office park at 40 Sylvan Rd. in Waltham. The three-story building will contain 312,000 square feet of space and is applying for LEED-Gold certification. Sustainable features include occupancy and daylight level lighting sensors, energy-efficient HVAC systems with carbon dioxide sensors, low-flow fixtures, a rainwater recycling program, a reflective white roof with 20,000 square feet of solar panels, shading devices on south-facing sections of the building, sustainable and low-emitting construction materials, and a construction waste recycling program. National Grid plans to consolidate the company’s New England offices into the new building. The company will begin moving immediately, and will complete the move by July. The project was developed with assistance by Reservoir Woods’ developer, Davis Marcus Partners. The project manager was Jones Lang LaSalle; the building architect was ADD Inc; the interior designer was Sasaki Architects; and the construction manager was John Moriarty & Associates.
MCCANDLESS TOWNSHIP, PA. — Zell Two has begun a multi-million dollar renovation of one of the buildings located within Pittsburgh Office & Research Park, located in McCandless Township. The building, named Two Corporate Center, totals 93,813 square feet and is situated at 5800 Corporate Dr. Construction will include the conversion of the building from single-tenant to multi-tenant use. A new lobby will be built, which will include a hanging sculptured art piece in the atrium, a new seating area and an electronic directory. The elevators will be upgraded, as will the public restrooms. Finally, the mechanical systems and boilers will be upgraded, new energy-efficient lighting will be installed, and the ceiling tiles and carpeting will be replaced. The general contractor for the renovation is A. Martini & Co. and the project architect is Burt Hill. Grant Street Associates is marketing the building for lease. Completion is scheduled for late summer.
BOSTON — Arbor Commercial Funding has arranged $1.96 million in financing for a 16-unit apartment community, located at 106 Wrentham St. in Boston. The loan carries a 10-year term with a 30-year amortization schedule and a 5.7 percent interest rate. It was originated by John Kelly of Arbor’s Boston office. The loan was obtained through the Fannie Mae DUS Small Loan product line. The borrower was undisclosed.
HARRISON, N.J. — Sweetwater Construction Corp. has begun construction on the Harrison Endo Surgical Center located at 620 Essex St. in Harrison. The 9,500-square-foot state-of-the-art retrofit will occupy part of the third floor of the 43,000-square-foot building, which also houses medical offices, a dialysis center that is part of a national chain, a school for allied health professionals and a day care/preschool facility. The surgical facility will include two operating rooms and two endoscopy procedure rooms. The facility was designed by Nadaskay Kopelson Architects of Morristown, N.J. AMCOR LLC will be managing the facility upon completion in August.
TEWKSBURY, MASS. — NAI Hunneman has completed the $1.3 million sale of a 12,000-square-foot boutique retail building in Tewksbury. NAI Hunneman’s Carl Christie and Dan McGee represented seller, F&M Trust, and procured the buyer, 1487 Main Street Realty Trust. Located at 1487 Main St., the building was constructed in 1987 and contains four retail suites totaling 12,000 square feet.
GREENPOINT, N.Y. — Charles Cotsalas and Ernest DesRochers of NorthMarq Capital’s Long Island Regional office have arranged first mortgage construction/permanent financing in the amount of $2 million for 760-764 Manhattan Ave. in Greenpoint. The property is a mixed-use multifamily property containing six two-bedroom units and three one-bedroom units, as well as six ground floor retail rental units. Construction financing was for 18 months with an option to convert to a fixed-rate permanent for 5 years with a 25-year term amortization schedule upon stabilization. The loan was arranged by NorthMarq through its relationship with a local savings bank.
WESTCHESTER COUNTY, N.Y. — Saks Fifth Avenue has signed a letter of intent to anchor Forest City Ratner Companies’ mixed-use development, Westchester's Ridge Hill. The anchor will occupy space on two floors encompassing 80,000 square feet. Currently under construction, Westchester's Ridge Hill will feature 1.2 million square feet of retail and entertainment space. Other tenants include Whole Foods, Banana Republic, L.L.Bean, Cinema De Lux, a multiplex cinema by National Amusements, and dozens of other local and national retailers and restaurants. The mixed-use project will also include approximately 150,000 square feet of office and research facilities. The residential component will comprise up to 1,000 apartments, of which 200 will be for over-55 active adults and 135 will be affordable units. The center is located between the New York State Thruway and Sprain Brook Parkway.
NEW YORK CITY — Massey Knakal has completed the $5.13 million sale of two adjacent, mixed-use buildings located at 329 and 331 Lexington Ave. on the southeast corner of Lexington Avenue and East 39th Street in Manhattan’s Murray Hill neighborhood in New York City. 329 Lexington Ave. is a five-story building containing approximately 5,738 square feet. This walk-up building consists of six residential apartments and one retail space that is occupied by a lounge with approximately 5 years remaining on its lease. There are six apartments above the retail with one delivered vacant. The property is zoned R10, and has approximately 13,062 square feet of unused air rights. 331 Lexington Ave. is a seven-story corner building containing approximately 12,600 square feet. This elevatored building consists of 12 residential apartments with a restaurant and a delicatessen on the ground floor. The apartment mix is comprised of eight rent stabilized units and four vacant units. The property is zoned R10, and has approximately 6,600 square feet of unused air rights. The properties were purchased by United Prime LLC. The seller was the Estate of Titania Tarwid. In Flushing, Queens, Massey Knakal brokered the $1.83 million sale of 143-28 Cherry Ave., a corner …
NEW GALILEE, PA. — Grubb & Ellis Company has negotiated a 120,800-square-foot, long-term lease at Turnpike Distribution Center located at 1750 Shenango Rd. in New Galilee. The space was leased by YRC Logistics. The building features concrete panel construction, ESFR sprinkler system and fire-rated demising walls. Louis Oliva, of Grubb & Ellis’ Global Logistics Group, facilitated the transaction on behalf of the lessor, Turnpike Distribution LP. Turnpike Distribution LP is a joint venture of Pittsburgh-based developer Castlebrook Development, Cincinnati-based general contractor Al Neyer Inc. and Pittsburgh-based The Erect Fund, an investment fund that invests on behalf of local pension funds.
